VeChain Price Prediction: VET primed for its last leg up of a 220% bull rally


  • VeChain price hints at an explosive last phase if it slices through the $0.085 barrier.
  • The resulting breakout will be a 28% upswing that puts VET at $0.11.
  • The Momentum Reversal Indicator’s (MRI) breakout line at $0.10 could deter this uptrend.

VeChain price shows signs of continuing its stellar momentum as it approaches the end of a 220% bull rally.

VeChain price aims higher

VeChain price has appreciated over 40% in the last week as it hovers around $0.08. Interestingly, this zone coincides with the 100% Fibonacci retracement level, and breaching it could trigger the final 28% ascent.

From late December 2020 to-date, VeChain price has been on a constant bull rally with higher highs and higher lows, creating an ascending parallel channel.

The recent tap at the lower trendline of this setup was seen on February 28. Since this bounce, VET bulls have pushed the price up by 145% to $0.080. Hence, VET's market value needs to appreciate by another 28% to hit its intended target at $0.11, coinciding with the 127.2% Fibonacci retracement level.

Nonetheless, the MRI’s breakout line at $0.10 could be a double-edged sword that could affect the rally. If bulls conquer it, VeChain has a high likelihood of continuing its ascent. Else, the altcoin could tumble.

Therefore, a spike in buying pressure, leading to a decisive daily candlestick close above this barrier, is crucial.

VET/USDT 1-day chart

VET/USDT 1-day chart

However, investors need to note that the MRI indicator has flashed not one but two “cycle top” signals and suggest that the rally is overextended. 

So, if VET drops below 78.6% Fibonacci retracement level at $0.069, it could invalidate the bullish outlook. In such a scenario, VeChain price could continue its descent to 61.8% Fibonacci retracement level at $0.059.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Elrond Price Forecast: EGLD breaks all-time highs, but technicals spell trouble

Elrond has benefited from an impressive run since the beginning of April, gaining 77% to reach a new all-time high of $245.8. After this huge rally, the digital asset seems bound for a short-term correction.

More Elrond News

MATIC Price Prediction: Polygon has a clear path to $0.54, suggests on-chain metrics

MATIC has experienced a significant rally over the past two days, and although most on-chain metrics suggest the digital asset is poised for further gains, there is one key indicator that shows Polygon might need to see a correction first. 

More MATIC News

Dogecoin Price Prediction: DOGE targets $0.245 after new wave of celebrity endorsements

The topic of Dogecoin seems to have resurfaced among celebrities, triggering a frenzy among investors and pushing the DOGE price higher.

More Dogecoin News

Theta Price Prediction: THETA to embark on 57% upswing shortly

Theta price is consolidating in a bullish pennant formed due to a significant spike in price followed by a consolidation in the form of a pennant. 

More Theta News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: SEC commissioner cozies up to BTC ETF, on-chain metrics reset making way for volatile move

Bitcoin’s mainstream adoption has soared over the last couple of months, with institutions like Visa, Goldman Sachs, Morgan Stanley, and others dipping their toes in the BTC markets. Likewise, prices look primed to advance further despite the ongoing consolidation phase.

Read the weekly forecast

BTC

ETH

XRP